AGREEMENT ON EURASIAN COUNCIL OF CENTRAL (NATIONAL) BANKS

of November 18, 2015

National Bank of the Republic of Belarus, National Bank of the Republic of Kazakhstan, National Bank of the Kyrgyz Republic, the Central bank of the Russian Federation and the National Bank of Tajikistan which are referred to as further with "Parties" or "the Central (national) Banks", being guided by the purposes of effective interaction, preserving and deepenings of the integration relations in the financial and bank sphere agreed as follows:

I. General provisions

1. Create Eurasian council of the Central (national) Banks.

2. Eurasian council of the Central (national) Banks (further - Council) is legal successor of Council of heads of the Central (national) Banks of the State Parties of the Constitutive treaty of Eurasian economic community and all solutions of the last continue to be effective.

3. Council is advisory advisory body of the central (national) participating banks of this agreement.

4. Decisions of Council have advisory nature.

II. Tasks and functions of Council

5. Task of Council is deepening of integration in the financial and bank sphere, coordination of actions of the Parties concerning development of national monetary and bank systems, enhancement of the multilateral and bilateral payment and settlement relations and to other questions within competence of the central (national) participating banks of this agreement.

6. The main function of Council is decision making of advisory nature on the following questions:

- interaction of national bank systems;

- banking supervision, proceeding from the basic principles of effective banking supervision determined by Basel Committee on Banking Supervision;

- payment and settlement relations, including enhancement of the mechanism of mutual payments in national currencies;

- legal regulation of banking activity and market of financial services;

- financial monitoring and currency exchange control;

- prevention of violations of the bank and foreign exchange legislation;

- functioning of information bank systems, their interaction and exchange of information;

- financial literacy;

- auditor activities;

- consumer protection of financial services;

- personnel training and experience exchange;

- monitoring of work progress on implementation of recommendations of Council;

- other questions requiring the coordinated actions.

7. For the purpose of establishing business cooperation, coordination of activities, joint project development of the documents Council performs interaction with Consulting council on monetarist policies of the Central (national) Banks of the State Parties of the Eurasian Economic Union, the Eurasian economic commission, Executive committee of the Commonwealth of Independent States.

III. Procedure for forming and activities of Council

8. Representatives of the Central (national) Banks at the level not below the vice-chairman of the Central (national) Bank are part of Council for position (further referred to as with members of council).

9. Functions of the Council presiding over meeting are performed by the member of council from the Central (national) Bank in the territory of which state there takes place the meeting.

10. The meeting of Council is considered competent if all members of council or persons replacing them given necessary authority participate in it.

11. The president of Interstate bank participates in meetings of Council with the right of advisory vote.

12. Within implementation of the Council functions has the right to create working bodies (advisory/coordination councils in the directions which are within the competence of the Central (national) Banks).

The provision and staff of the created working body affirm Council.

Council approves also work plans of working bodies and hears reports on their execution at the meetings.

13. Representatives of public authorities of the states of the Parties of this Agreement, the Central (national) Banks which are not part of Council, Eurasian economic commission, Executive committee of the CIS and other international organizations can participate in meetings by the invitation of Council as observers.

14. Functions of the Secretariat of Council are performed by Interstate bank.

15. The responsible secretary of Council affirms the decision of Council.

16. Decisions of Council are made on the basis of consensus. Each member of council has one voice. Any member of council has the right to declare the disinterest in case in point that he is not obstacle in decision making on such question. In that case the decisions existing only concerning the Central (national) Banks which supported this decision can be made.

17. Decisions of Council are drawn up by the protocol which is signed by the members of council or persons replacing them. The original of the protocol is stored in the Secretariat of Council which sends to the Parties its verified copy.

18. Meetings of Council are held at least two times a year serially in the territory of each state in which there is the central (national) participating bank of this agreement. Terms of holding the regular meeting are determined by the decision of Council.

Emergency meetings of Council are convened at the initiative of one of members of council, supported by other members of council.

19. Members of council have the right to submit for discussion any questions within the competence of Council determined by this agreement.

Draft documents for consideration at meetings of Council are introduced at the initiative of any member of council, or on the basis of the materials prepared by the Secretariat at the request of Council.

20. The responsible secretary of Council ensures functioning of Council and observation of accomplishment by the Parties of the made decisions.

21. The responsible secretary of Council constitutes the work plan of Council on the basis of proposals of members of council. The work plan affirms the decision of Council.

22. Date and the preliminary agenda of the regular meeting of Council are determined at prior meeting of Council.

Materials according to the agenda of meeting of Council are discussed and improved at meetings of experts of the Parties not later than 30 days prior to the meeting.

23. The organization of preparation and holding meeting of Council, including preparation of required materials and accompanying financial and organizational technical supply, is performed by the Central (national) Bank of the state in the territory of which the meeting of Council is held.

Expenses on sending of delegations of the Parties for participation in meetings of Council incur the relevant Central (national) Banks.

IV. Final provisions

24. Working language of Council is Russian.

25. Meetings of Council are, as a rule, held openly. In need of meeting of Council can have the closed character.

26. By mutual consent of the Parties changes and additions which are drawn up by the separate protocols which are becoming effective from the date of their signing by the Parties and being integral part of this agreement can be made to this agreement.

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